Short Interest in Heritage Insurance Holdings, Inc. (NYSE:HRTG) Expands By 8.0%

Heritage Insurance Holdings, Inc. (NYSE:HRTGGet Rating) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 437,200 shares, an increase of 8.0% from the August 15th total of 404,800 shares. Currently, 2.2% of the shares of the company are sold short. Based on an average daily volume of 228,800 shares, the days-to-cover ratio is presently 1.9 days.

Heritage Insurance Stock Up 1.0 %

NYSE:HRTG opened at $2.94 on Tuesday. The stock’s fifty day simple moving average is $2.72 and its 200-day simple moving average is $4.00. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $78.11 million, a P/E ratio of -0.43 and a beta of 0.85. Heritage Insurance has a 12-month low of $2.26 and a 12-month high of $7.37.

Heritage Insurance (NYSE:HRTGGet Rating) last posted its earnings results on Thursday, August 4th. The insurance provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.25. The firm had revenue of $163.77 million for the quarter, compared to analyst estimates of $154.69 million. Heritage Insurance had a negative return on equity of 10.90% and a negative net margin of 28.07%. Equities research analysts expect that Heritage Insurance will post -1.08 earnings per share for the current year.

Insider Activity at Heritage Insurance

In other news, CFO Kirk Lusk acquired 10,000 shares of Heritage Insurance stock in a transaction on Thursday, June 30th. The stock was bought at an average price of $2.61 per share, for a total transaction of $26,100.00. Following the transaction, the chief financial officer now owns 233,736 shares of the company’s stock, valued at $610,050.96. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 10.80% of the stock is owned by corporate insiders.

Institutional Trading of Heritage Insurance

Several hedge funds and other institutional investors have recently modified their holdings of HRTG. McIlrath & Eck LLC acquired a new stake in shares of Heritage Insurance in the first quarter valued at about $43,000. Herold Advisors Inc. acquired a new stake in shares of Heritage Insurance in the first quarter valued at about $43,000. First Quadrant LLC CA acquired a new stake in shares of Heritage Insurance in the first quarter valued at about $44,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Heritage Insurance in the second quarter valued at about $29,000. Finally, PDT Partners LLC acquired a new stake in shares of Heritage Insurance in the fourth quarter valued at about $70,000. Institutional investors and hedge funds own 53.52% of the company’s stock.

Analysts Set New Price Targets

HRTG has been the subject of a number of recent analyst reports. StockNews.com raised Heritage Insurance from a “hold” rating to a “buy” rating in a report on Monday, August 8th. JMP Securities dropped their price target on Heritage Insurance from $10.00 to $8.00 and set a “market outperform” rating for the company in a report on Monday, July 18th. Finally, Piper Sandler decreased their price objective on Heritage Insurance to $6.00 in a research report on Thursday, June 9th.

Heritage Insurance Company Profile

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Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners, and rental property insurance in the states of Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.

Further Reading

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